The present invention provides a new dispersion stabilizer that satisfies, at a high level, the performances required for a dispersion stabilizer used for suspension polymerization. A method of producing a dispersion stabilizer that is useable for suspension polymerization of a vinyl compound and contains a vinyl alcohol polymer (A) includes producing the vinyl alcohol polymer (A) by heat-treating a vinyl alcohol polymer (B) at a temperature of 90 to 180° C. for 0.5 to 20 hours in an atmosphere in which an oxygen concentration is 8000 ppm or lower. The vinyl alcohol polymer (B) has a saponification degree of at least 60 mol % and contains a residual acetic acid group whose block character is in the range of 0.3 to 0.6.